Magazine

Crypto miners made a fortune for NVIDIA

Nvidia, the well-known graphic card manufacturer, declared that the company has generated an impressive $289 mln in its first quarter, which is over 9% of the overall revenue of the company which was $ 3.2 bln according to Bloomberg report published on the 10th of May.

“Crypto miners bought a lot of our GPUs in the quarter and it drove prices up,” expressed Nvidia CEO Jensen Huang. Although Huang was proud for these results, he expects a major drop for the rest of the year. “We did almost $300 million in crypto, and next quarter we expect it to be down by two-thirds of that” he added

AMD, which is the biggest competitor for Nvidia has declared that only 10% of overall sales came from crypto mining or blockchain related sales. CEO Lisa Su of AMD gave an interview to CNBC where she added that even though the blockchain technology and the potential it has is wonderful, currently it is not the most important growth factor in the firm’s life:

“We believe blockchain or mining was about approximately 10 percent of our revenue during the quarter… We feel we have a very good idea of what people are using our products for. It’s a nice growth factor, but it’s certainly not the dominant growth factor in our story.”